FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 1, 1998
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through certificates, Series 1998-2
(Exact name of registrant as specified in its charter)
Delaware 33-44658 13-3633241
(State or other (Commission File Number) (IRS Employer Identification No.)
jurisdiction of
incorporation)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
1. A distribution was made to the Certificateholders of the Bear
Stearns Mortgage Securities, Inc. Mortgage Pass-Through
Certificates, Series 1998-2, on May 1, 1998. The distribution
was made pursuant to the provisions of a Polling and Servicing
Agreement dated February 25, 1998, between and among Bear Stearns
Mortgage Securities Inc., as Seller, and The Bank of New York., as
Trustee. Complete Certificateholder report of the underlying
Securities may-be obtain from the trustee, The Bank of New York at
101 Barclay Street,Suite 12E, New York, New York 10286
Item 7. Financial Statements and Exhibits.
c) Exhibits.
(28.2) May 1, 1998 - Information on Distribution to
Certificateholders.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Bear Stearns Mortgage Securities Inc.
(Registrant)
Date: May 15, 1998 By: /S/William J. Montgoris
William J. Montgoris
Treasurer and Secretary
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BEAR STEARNS MORTGAGE SECURITIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
(28.2) May 1, 1998 - Information on Distribution to
Certificateholders
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<TABLE>
May 1, 1998 - INFORMATION ON DISTRIBUTION EXHIBIT 28.2
TO CERTIFICATEHOLDERS
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1998-2
<CAPTION>
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Beginning Pass Thru Principal Interest Total Principal Int. Ending Cert./ Deferred
Type Class Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Short. Notional Bal. Amounts
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A 205,878,436 6.75% 244,998 1,159,281 1,404,279 0 0 205,633,438 0
B 61,329,946 6.75% 72,983 345,321 418,305 0 0 61,256,962 0
C 45,868,615 6.75% 54,584 258,265 312,850 0 0 45,814,030 0
D 74,472,077 6.75% 88,622 419,319 507,941 0 0 74,383,454 0
E 43,034,038 6.75% 51,211 242,305 293,516 0 0 42,982,827 0
F 53,341,591 6.75% 63,477 300,342 363,820 0 0 53,278,114 0
G 14,945,953 6.75% 17,786 84,154 101,940 0 0 14,928,167 0
H 16,492,091 6.75% 19,626 92,860 112,485 0 0 16,472,465 0
X 515,362,746 0.56% 240,037 240,037 N/A 0 514,749,457 N/A
PO 2,008,801 N/A 71,873 0 71,873 0 0 1,936,928 N/A
Residual R-1 0 6.75% 0 1 1 0 0 0 0 0
R-2 0 6.75% 0 198 198 0 0 0 0 0
Totals 515,362,746 685,160 3,142,083 3,827,245 0 0 514,749,457 0
Factors per $1,000
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
Senior A 206,127,524 6.75 073914B93 1.188576 5.624094 997.603007
B 61,399,747 6.75 073914C27 1.188661 5.624147 997.674505
C 45,920,819 6.75 073914C35 1.188661 5.624147 997.674505
D 74,556,836 6.75 073914C43 1.188661 5.624147 997.674505
E 43,083,016 6.75 073914C50 1.188661 5.624147 997.674505
F 53,402,301 6.75 073914C68 1.188661 5.624147 997.674505
G 14,962,963 6.75 073914C76 1.188661 5.624147 997.674505
H 16,510,861 6.75 PRIVATE 0.188661 5.624147 997.674505
X 515,964,267 0.24 073914C84 0.000000 0.465219 997.645555
PO 2,008,801 N/A PRIVATE 35.779022 0.000000 964.220978
R-1 100 6.75 PRIVATE 0.000000 4.875000 0.000000
R-2 100 6.75 PRIVATE 0.000000 1,974.995000 0.000000
Totals 515,964,267
Beginning Pass Thru Prin. Int. Total Prin. Int. Ending
Issue Cert. Bal. Rate Dist. Amt.Dist. Amt. Dist. Losses Shortfall Cert. Bal.
AMERT 9303 3B 17,043,736 8.21 206,570 115,935 322,505 0 759 16,909,039
BSMSI 9308 M 18,952,757 7.5 23,330 118,601 141,930 0 0 18,952,757
CHASE 94E B-2 1,657,279 6.2500 8,395 8,632 17,027 0 0 1,648,884
CHEMPT 9601 B-3 2,357,368 7.2500 2,131 14,242 16,374 0 0 2,355,237
CITIMT 9016 B 5,673,664 9.5000 0 44,917 44,917 0 0 5,673,664
CITIMT 9205 B 9,516,504 8.0000 0 63,443 63,443 0 0 9,516,504
CITIMT 9219 B 9,109,558 7.5000 0 56,935 56,935 0 0 9,109,558
CITIMT 9401 B-1 10,383,004 6.500 14,955 56,241 71,196 0 0 10,368,049
CITIMT 9405 B-1 15,941,457 6.250 23,909 83,028 106,937 0 0 15,917,548
CITIMT 9407 B-1 9,460,009 6.250 12,110 49,271 61,381 0 0 9,447,899
CITIMT 9410 B-1 8,710,935 6.250 10,248 45,369 55,618 0 0 8,700,686
CITIMT 9411 B-1 14,791,377 6.250 17,035 77,038 94,074 0 0 14,774,341
CITIMT 9413 B-2 1,182,275 6.5000 1,519 6,404 7,924 0 0 1,180,755
CITIMT 9502 B-3 1,281,895 7.5000 1,391 8,012 9,403 0 0 1,280,504
CITIMT 9601 B-1 2,473,706 7.5000 1,965 15,118 17,083 0 343 2,471,741
CITIMT 9703 B-1 2,009,411 7.2500 1,501 12,122 13,623 0 18 2,007,909
CITIMT 9703 B-2 2,009,411 7.2500 1,501 12,122 13,623 0 18 2,007,909
CITIMT 9707 B-1 2,015,675 7.0000 1,525 11,758 13,283 0 0 2,014,150
CAPPTC 94C B-1 5,733,486 6.7500 8,752 32,300 41,052 0 0 5,733,486
CFC 9301 B-1 18,952,838 7.125 23,612 112,673 136,285 0 0 18,952,838
CFC 9401 B-1 8,559,866 6.875 10,612 49,102 59,714 0 0 8,559,866
CFC 9409 B-2 3,217,859 6.5000 3,874 17,430 21,304 0 0 3,213,985
CFC 9418 B-3 1,694,776 8.0000 1,728 11,299 13,026 0 0 1,693,048
CFC 9602 B-2 2,806,374 7.7500 2,255 18,125 20,380 0 0 2,804,119
CFC 9705 B-3 2,088,760 7.5000 1,470 13,054 14,525 0 0 2,087,289
FBCS 9302R 1 8,405,093 7.425 40,118 52,255 92,372 0 0 8,405,093
CWD 94A B-3 1,896,659 6.7500 2,354 10,669 13,022 0 0 1,894,385
CWD 94C B-2 2,910,709 6.5000 3,399 15,785 19,184 0 0 2,907,284
Beginning Pass Thru Prin. Int. Total Prin. Int. Ending
Issue Cert. Bal. Rate Dist. Amt.Dist. Amt. Dist. Losses Shortfall Cert. Bal.
CWD 94G B-1 4,395,703 6.5000 4,409 23,810 26,639 0 0 4,390,828
RAST 96A3 B-1-B 6,902,421 7.5000 4,822 42,998 47,819 0 142 6,897,600
RAST 96A4 B-2 5,023,769 7.5000 3,484 31,164 34,649 0 234 5,020,285
DLJ 9403 B-1 6,692,986 6.5000 8,074 36,254 44,328 0 0 6,684,911
GECAP 9401 B-2 7,569,269 6.5000 9,542 40,778 50,320 0 222 7,559,727
GECAP 9416 B-2 3,044,220 6.5000 3,772 16,410 20,182 0 79 3,040,448
GECAP 9427 B-2 2,226,168 6.5000 2,867 12,058 14,924 0 0 2,223,302
GECAP 9507 B-2 4,872,874 7.5000 9,953 30,455 40,409 0 0 4,862,922
GECAP 9615 B-1 3,096,650 7.7500 2,284 19,999 22,283 0 0 3,094,366
GECAP 9616 B-2 2,491,287 7.7500 5,513 16,062 21,574 0 28 2,485,775
GECAP 9701 B-1 3,714,343 7.5000 2,766 23,214 25,981 0 0 3,711,576
GECAP 9702 1-B-2 4,458,225 7.5000 3,391 27,863 31,255 0 0 4,454,834
GECAP 9709 1-B-1 4,744,089 7.2500 3,410 28,662 32,072 0 0 4,740,678
GECAP 9709 1-B-2 3,745,150 7.2500 2,692 22,627 25,319 0 0 3,742,457
GECAP 9709 2-B-2 2,620,959 7.0000 1,978 15,288 17,267 0 (0) 2,618,981
GECAP 9712 B-1 6,114,315 7.0000 4,471 35,666 40,138 0 0 6,109,845
GECAP 9712 B-2 4,827,091 7.0000 3,530 28,158 31,688 0 0 4,823,561
HMSI 9705 B-2 4,936,942 7.2500 3,689 29,827 33,516 0 0 4,933,252
MSCAPI 9601 B-2 2,309,262 7.2500 2,078 13,951 16,030 0 0 2,307,183
MORSRV 9602 B-1 2,003,425 7.2500 3,812 12,104 15,916 0 0 1,999,613
NSCOR 9604 B-1 4,722,516 7.7500 3,696 30,500 34,195 0 0 4,718,820
NSCOR 9605 B-1 4,509,804 8.0000 3,139 30,065 33,204 0 0 4,506,665
PWMAC 9307 M-3 1,858,125 7.5000 2,427 11,613 14,040 0 0 1,855,698
PWMAC 9402 M-2 3,295,242 6.5000 4,222 17,849 22,071 0 0 3,291,020
PWMAC 9402 M-3 2,426,449 6.5000 3,109 13,143 16,252 0 0 2,423,341
PNC 9502 B-3 2,634,820 7.5000 2,583 16,468 19,050 0 0 2,632,237
PNC 9702 B-2 1,757,319 7.5000 1,362 10,983 12,345 0 0 1,755,957
PNC 9705 B-2 2,615,424 7.2500 1,850 15,802 17,652 0 (0) 2,613,574
Beginning Pass Thru Prin. Int. Total Prin. Interest Ending
Issue Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfall Cert. Bal.
PNC 9705 B-3 3,487,232 7.2500 2,466 21,070 23,536 0 (0) 3,487,766
PHMSC 93E 2-B 20,850,914 7.394 32 128,481 128,513 0 0 20,850,883
PHMSC 93L 3-B-3 5,000,000 6.641 0 27,672 27,672 0 0 5,000,000
PHMSC 94A 5-B 20,253,312 6.803 14,135 114,823 128,958 0 0 20,239,177
PHMSC 94E 2-B 31,559,003 7.339 3,256 193,034 196,291 0 0 31,559,747
PHMSC 95A 3-B 6,278,433 8.684 5,742 46,988 52,731 0 (1553) 6,272,691
RFC 93S10 M-2 1,833,800 8.500 1,697 25,573 27,269 (12,584) 1,832,103
RFC 93S18 M-2 5,879,714 7.500 13,351 36,195 49,546 0 553 5,866,363
RFC 93S18 M-3 3,541,848 7.500 8,042 21,803 29,845 0 333 3,533,806
RFC 93S21 M-3 2,569,386 7.500 2,826 15,703 18,530 0 355 2,566,560
RFC 93S22 M-2 4,097,119 7.000 5,096 23,635 28,730 0 265 4,092,023
RFC 93S22 M-3 2,458,281 7.000 3,057 14,181 17,238 0 159 2,455,223
RFC 93S24 M-3 3,583,216 7.000 4,445 20,691 25,136 0 211 3,573,771
RFC 93S26 M-2 5,331,837 7.500 0 0 0 0 33,324 5,331,837
RFC 93S26 M-3 3,626,276 7.500 0 0 0 0 22,664 3,626,276
RFC 93S27 M-3 1,966,721 7.500 2,226 12,082 14,309 0 210 1,964,495
RFC 93S28 M-2 3,045,600 7.000 4,908 17,589 22,497 0 177 3,040,691
RFC 93S28 M-3 2,031,349 7.000 3,274 11,731 15,005 0 118 2,028,075
RFC 93S34 M-3 2,027,551 7.000 2,483 11,718 14,201 0 109 2,025,068
RFC 94S3 M-3 1,425,767 6.738 1,715 7,939 9,653 0 66 1,424,052
RFC 95R20 M-3 3,186,329 7.500 3,048 19,903 22,951 0 12 3,183,281
RFC 96S10 M-2 6,568,084 7.500 5,477 40,835 46,312 0 215 6,562,608
RFC 96S14 M-2 3,602,875 7.500 3,654 22,501 26,156 0 17 3,599,221
RFC 96S14 M-3 1,801,438 7.500 1,827 11,251 13,078 0 8 1,799,610
RFC 96S16 M-2 4,482,002 7.750 7,207 27,911 35,119 0 1035 4,474,795
RFC 96S18 M-2 2,632,333 8.000 1,878 17,203 19,081 0 346 2,630,455
RFC 96S23 M-2 3,209,141 7.750 2,181 20,166 22,347 0 560 3,206,960
RFC 96S25 M-2 3,156,508 7.750 2,189 20,112 22,300 0 274 3,154,319
Beginning Pass Thru Prin. Int. Total Prin. Interest Ending
Issue Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfall Cert. Bal.
RALI 97QS12 M-2 4,460,378 7.25 2,858 26,932 29,790 0 16 4,457,520
RYLPT 92A 1-B 1,500,000 8.26 0 10,332 10,332 0 0 1,500,000
RYLPT 9304 B-2 5,129,013 7.50 6,416 32,056 38,472 0 0 5,122,597
SBMSI 92D B-4 4,141,682 8.01 4,639 27,026 31,665 0 636 4,137,044
SBMSI 9409 B-2 4,091,024 7.00 4,444 23,864 28,308 0 0 4,086,580
SASI 9405 B-2 4,773,803 7.00 5,540 27,847 33,387 0 0 4,768,263
SASI 9405 B-3 3,580,353 7.00 4,155 20,885 25,041 0 0 3,576,198
SASI 9504 B-2 4,288,592 7.50 3,710 26,804 30,514 0 0 4,284,882
SASI 93J 3-B 16,199,173 6.80 3,680 183,806 187,486 0 91,903 16,195,493
SASCO 9601 B-1 3,153,227 7.25 2,948 19,051 21,999 0 0 3,150,280
SASCO 9601 B-2 1,621,744 7.25 1,516 9,798 11,314 0 0 1,620,228
SASCO 9602 B-2 2,452,280 7.00 2,981 14,305 17,286 0 0 2,449,300
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